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KEPCO to invest $900mn in UAE nuclear operations

- State-run utility Korea Electric Power Corp (KEPCO) agreed to invest $900 million in a company operating the first nuclear power plant in the United Arab Emirates, South Korea's energy ministry said on Thursday

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KEPCO, Nuclear, Nuclear Energy, South Korea, News

State-run utility Korea Electric Power Corp (KEPCO) agreed to invest $900 million in a company operating the first nuclear power plant in the United Arab Emirates, South Korea's energy ministry said on Thursday.

KEPCO expects the deal to boost its revenue by nearly $50 billion over the next 60 years, according to a statement from the ministry.

KEPCO and Emirates Nuclear Energy Corp (ENEC) signed the deal to co-invest in the company managing and operating the UAE's Barakah nuclear power plant for the next six decades, the ministry statement said.

In 2009, a KEPCO-led consortium won a contract to build the four 1,400 megawatt nuclear reactors that are being constructed at the Barakah plant to meet the UAE's surging demand for electricity.

 

Reuters

South Korea, the world's fifth-biggest user of nuclear power, constructs and operates its reactors through KEPCO.

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